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Wells Fargo & CompanyWFC has finally attained the customary final court approval for settlement of the fake accounts scandal related to class action lawsuit that was filed against the company by its shareholders in September 2016.
The settlement amount of $480 million was approved by both the parties in May 2018. Also, shareholders who bought Wells Fargo’s common stock in the period between Feb 26, 2014 and Sep 20, 2016 will be eligible to claim the refund. Notably, the San Francisco-based bank had fully reserved the amount, as of Mar 31, 2018.
A Brief Background
The class action lawsuit relates to the revelation of a sales scam, wherein the bank’s employees allegedly opened millions of unauthorized accounts illegally, in order to meet aggressive internal sales goals.
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